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Automotive Thermal Systems Market size was valued at USD 33.43 billion in 2019 and is poised to grow from USD 34.73 billion in 2023 to USD 47.3 billion by 2031, growing at a CAGR of 3.9% in the forecast period (2024-2031).

The automotive thermal systems market is fragmented, with a growing number of manufacturers dominating the market share. Companies see an opportunity to accelerate expansion through the introduction of new products and sales through unconventional channels. Key players frequently use mergers and acquisitions and product portfolio expansion as important tactics. Leading automakers including BMW, Fiat Chrysler, Ford, GM, Honda, Hyundai, JLR, Kia, Mercedes, and Nissan have used technologies like active heat transfer, integrated liquid-cooled exhaust/EGR, variable engine oil pump, and engine thermal mass reduction. 'Modi ne Manufacturing Company', 'Hanon Systems', 'Denso Corporation', 'Valeo SA', 'Mahle GmbH', 'BorgWarner Inc.', 'Eberspaecher Holding GmbH & Co. KG', 'Visteon Corporation', 'Marelli Holdings Co., Ltd.', 'MAHLE Behr GmbH & Co. KG', 'Calsonic Kansei Corporation', 'Keihin Corporation', 'Sanden Holdings Corporation', 'Sensata Technologies, Inc.', 'Subros Limited', 'Schaeffler AG', 'ZF Friedrichshafen AG', 'Dana Incorporated', 'Robert Bosch GmbH', 'Johnson Electric Holdings Limited'

Surge in demand for electric vehicles

A battery temperature management system is necessary for vehicles with hybrid or all-electric propulsion systems. For best charge storage and usage efficiency, the battery is operated at a specified temperature. As a result, the market for automotive thermal management will be driven by the rise in battery-electric or plug-in hybrid vehicles over the study period. For example, EV sales in several European countries increased by double digits in 2020, and the European region accounted for more than 43% of EV sales in 2020, up from 26% in 2019. Approximately 3.24 million plug-in vehicles were sold globally in 2020, up from 2.26 million in 2019. Increased regulatory standards by various organisations and countries to restrict pollution levels and promote zero-emissions vehicles have contributed to this growth in sales. Businesses are investing funds to develop more effective battery solutions for their impending battery-powered cars. For the new MIA 2.0 electric car, for instance, Fox e-mobility AG announced in June 2021 that it had teamed with InoBat Auto j.s.a., Bratislava. A letter of intent was signed by Fox e-mobility AG and InoBat to work together on research, development, and battery design. Additionally, as part of the collaboration, an integrated battery solution that includes cells, modules, and full battery sets will be delivered. The two businesses also want to collaborate in the fields of research, development, and heat management using the most recent lithium-ion technology cells while taking into account international rules and standards.

APAC accounted for a significant portion of the automotive thermal systems market in 2021 in terms of revenue share. Due to a constant rise in demand for passenger automobiles brought on by the region's growing population, growing urbanisation, stable economic conditions, and low interest rates, the trend is projected to continue during the projected period.

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Global Automotive Thermal Systems Market

Product ID: SQMIG25A2136